The Competitive Strategy Of International Settlement Business Of BOC In Jinan

The raise of the Economic New Normal marks a major turning point in China's economic development model.The financial business is inevitably affected,turning to its "new normal" of development.Under the Economic New Normal,the continuous deepening of the foreign trade structure,"the Belt and Road Initiative" and further enhance in the internationalization of the RMB will all provide new motivation to the development of the foreign trade.International settlement business is a major link wherecommercial banks obtain higher middle business income and expand overseas markets and it has become an important business area where a lot of commercial banks compete.As the earliest specialized foreign exchange bank in China,Bank of China has a unique advantage in the international settlement business.However,with the increasingly fierce competition,BOC is also facing enormous challenges.As the leader of the local international settlement business market and under the situation that the Shandong branch of BOC moved from Qingdao to Jinan,BOC in Jinan is faced with multiple unstable factors such as organization structure adjustment and personnel changes in a wide range.With the effect of the Economic New Normal,BOC in Jinan is now facing many challenges such as increasingly fierce market competition,continuous increase of foreign exchange risk and the increasingly severe international anti money laundering situation,as well as many market opportunities due to China's economic transition.BOC in Jinan has excellent brand impacts and developed overseas network advantages.However,its customer base is relatively weak and there are also some deficiencies in the aspects of marketing team construction,customer service and so on.This paper,through a systematic analysis of the external environment and internal resources of BOC in Jinan and relative strategic applicability analyses,chooses the differentiation strategy as the preferred competitive strategy of BOC in Jinan.The paper,combined with relative ideas of the Blue Ocean Strategy and the Business Ecosystem Theory,also puts forward specific measures and guarantee mechanism for BOC in Jinan to implement the differentiation strategy.There are specific implementation measures from the aspects of product innovation,marketing innovation,service innovation,business processes,risk management and so on:full product linkage and innovation at home and abroad,actively into the Blue Ocean,building a one-stop financial service center abroad,strengthening strategic cooperation,integration of business processes and improving the risk control system.Simultaneously,it suggests providing the guarantee mechanism of the differentiation strategy from the aspects of leadership mechanism,human resources,corporate culture and information technology.Through the research on competitive strategies in the international settlement business of BOC in Jinan,it helps BOC in Jinan play a leading role in the development of Bank of China's international settlement business in the Shandong branch and finally achieve its healthy and sustainable development on the basis of keeping its dominant position.